Nigeria’s foreign trade reached an impressive N36.6 trillion in the fourth quarter of 2024, marking a substantial 68.3% year-on-year increase, according to the latest report from the National Bureau of Statistics (NBS). This growth was primarily driven by a sharp rise in imports and consistent export performance, signaling a dynamic shift in the country’s trade landscape.
The total trade value in Q4 2024 was up by 2.2% compared to the previous quarter, underscoring the ongoing recovery and expansion in Nigeria’s global trade activities. Despite the overall trade surplus of N3.42 trillion, there was a significant decline of 34.9% from the previous quarter, mainly due to an increase in imports and a slight drop in export revenues.
Export Performance: Crude Oil Dominates
Nigeria’s exports for Q4 2024 totaled N20.01 trillion, a robust 57.7% growth compared to the same period in 2023. However, exports slightly dipped by 2.55% from the previous quarter. Crude oil continued to dominate the nation’s export portfolio, accounting for 68.87% of total exports, valued at N13.78 trillion. This was a 33.7% increase from Q4 2023 and a 2.8% rise from Q3 2024.
Other significant exports included liquefied natural gas, petroleum gases, superior quality cocoa beans, and urea, contributing to Nigeria’s growing non-oil export sector. The Netherlands emerged as Nigeria’s largest export partner, receiving N2.09 trillion worth of goods, followed by France and Spain. Together, the top five export destinations—Netherlands, France, Spain, India, and Indonesia—accounted for 43.7% of Nigeria’s total exports.
Imports Surge: Manufactured Goods Lead the Way
Nigeria’s imports saw a remarkable surge, reaching N16.59 trillion in Q4 2024, an 83.2% increase from the same period in 2023. The sharp rise in imports was driven by manufactured goods, which saw a 113.3% year-on-year increase, totaling N8.47 trillion. Other key imports included raw materials, agricultural products, and mineral fuels. Notably, agricultural imports rose by 53.4%, reflecting the growing demand for food and raw agricultural products.
China remained Nigeria’s top import source, contributing N4.61 trillion, or 27.8% of total imports. India, Belgium, the United States, and France followed, with each country playing a significant role in meeting Nigeria’s import needs.
Agricultural Exports Reach New Heights
The agricultural sector experienced a phenomenal rise in Q4 2024, with exports valued at N1.54 trillion—an astonishing 232% increase from the previous year. Cocoa beans, both superior and standard quality, were Nigeria’s leading agricultural exports, with Europe and Asia being the primary markets. The Netherlands and Malaysia were the top buyers of Nigerian cocoa beans, while China and Japan were major importers of sesamum seeds.
Solid Mineral and Manufactured Goods Exports Grow
Solid mineral exports in Q4 2024 amounted to N60.7 billion, reflecting a 69.2% year-on-year increase, though a 21.9% decline from the previous quarter. Cement clinkers and tin ores were the primary minerals exported, with Cameroon and China being key trade partners.
Manufactured goods exports surged by 110.3% compared to the previous year, totaling N494.2 billion. However, they experienced a 52.5% decline from Q3 2024. The main products in this category included unwrought aluminum alloys, dredgers, and cathodes.
Nigeria’s Trade with Africa and ECOWAS
Trade with African countries remained strong, with exports valued at N2.04 trillion and imports at N514.96 billion. South Africa, Ivory Coast, and Senegal were Nigeria’s top trading partners within the continent. Within the ECOWAS region, Nigeria exported goods worth N1.18 trillion, with Ivory Coast being the largest recipient, followed by Senegal, Togo, Ghana, and Benin Republic.
Transport and Logistics: Sea Remains Dominant
Maritime transport continued to dominate Nigeria’s trade, with 98.8% of exports transported by sea. Apapa Port remained the primary gateway, handling 89.6% of outbound shipments. Similarly, 90.2% of imports arrived by sea, with Apapa Port continuing to serve as the key entry point for goods entering Nigeria.
Overall, Nigeria’s foreign trade in Q4 2024 reflects a period of significant growth and transformation, with a marked increase in imports and a steady export performance, particularly in crude oil and agricultural products. The nation’s strategic trade partnerships, coupled with robust demand for manufactured goods and agricultural exports, position Nigeria as a key player in global trade.
